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Business Law
Test Description: Nature and Classes Contracts
Instructions: Answer all questions to get your test result.
1) One person unfairly benefiting at the expense of another constitutes
A
Unfair justice
B
Wrongful doing
C
Recognizance
D
Unjust enrichment
2) An agreement that has no legal effect is
A
Void
B
Unenforceable
C
Competent
D
Unjust enrichment
3) An agrrement not currently binding because it is not in the particular form required by law is a (an) ??? contract.
A
Void
B
Executory
C
Unenforecable
D
Bilateral
4) A contract that may be set aside by one or both parties is
A
Bilateral
B
Recognizance
C
Voidable
D
Formal
5) A contract in which the duties and oblization of the parties are not expressed, but can be inferred from their conduct, is
A
Unilateral
B
Competent
C
Formal
D
Implied
6) A contract that must be in a special form is
A
Promise
B
Formal
C
Implied
D
Seal
7) An obligation entered into before a court whereby persons acknowledge they will do a specified act required by law is
A
Consideration
B
Unjust enrichment
C
Agreement
D
Recognizance
8) A contract that has not been fully carried out by all parties
A
Executory
B
Executed
C
Unenforceable
D
Void
9) A contract that requires the offeree to perfrom an act in exchange for the offeror's promise is
A
Bilateral
B
Implied
C
Agreement
D
Unilateral
10) A contract consisting of a mutual exchange of promises is
A
Acknowledgement
B
Bilateral
C
Agreement
D
Unilateral
*select an answer for all questions
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